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is with principle global investors. >> susie: still ahead: freeport mcmoran copper and gold will soon be mining more than its namesake metals. we'll explain. more tough talk today from washington on the fiscal cliff: treasury secretary timothy geithner said he's willing to go over it if republicans don't agree to tax hikes for the wealthiest americans. president obama said basically the same thing but added one more hard line to the negotiations. >> if congress in any way suggests that they're going to tie negotiations to a debt ceiling vote and take us to the brink of default once again, as part of a budget negotiation-- which, by the way, we have never done in our history until we did it last year-- i will not play that game. >> late todathe president spoke by telephone with house speaker john boehner. no specifics on what they said to each other, but it was their first conversation in a week. eventually the two sides will get down to bargaining over specifics, including entitlements. one idea may be to change the way the government measures inflation. that may sound like a small change, but, as d
. our road map begins with a $20 billion deal. freeport mcmoran getting into the energy business making two acquisitions. plains exploration and mcmoran exploration. >>> concerns over the u.s. economy as adp misses estimates. the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in media. pandora ceo joins us live later this morning as the stock fell nearly 20% on weak guidance and netflix signs a big exclusive with disney. how much are they having to pay up for that? >>> let's deal with this big deal. as i've been telling you we'll see a lot of big deals -- i was wrong. here we are. freeport mcmoran buying not one but two companies. the combined price if you add it all together gets close to $20 billion. that does include debt. let's go through some of the details. it's somewhat complex. let's start with bigger of the two deals. freeport's purchase of plains. approximately $6.9 billion in total
, two astoundingly bad deals. freeport mcmoran and plains exploration. a judgment that the market confirmed with the tremendous $6.12 or 16% hammering of the acquirer freeport stock. i talked positively about ceos at the top of the show tonight, but i couldn't resist going over this outrage. first, the president and ceo of the faltering mcmoran exploration also happens to be the chairman of freeport, the acquirer. yeah, he's using freeport money and stock to buy his other business, mcmoran, drilling a gigantic well in the gulf of mexico, called the davey jones which has been absolutely disastrous. >> the house of pain. >> so far, for the company, mmr has been crushed by this 29,000-foot deep well, which may turn out to be a total bust. but if you own mmr today, you just got $14 in cash and 1.1 units of royalty trust giving you a massive $7.36 or 87% move in a stock that had been free falling of late courtesy of the missteps in the davey jones project. the other portion, the plains exploration partners gave you $8.35 gain. that's better. they bagged quality gulf properties from the
there is a lot of action in the mining world. we'll take a close look at freeport-mcmoran, a big deal underway here. what is interesting when you have mergers and acquisition particularly in energy this is something that brings positive sentiment to wall street. let's look at freeport-mcmoran. also taking a look at other names that are involved, right? you're looking at, see how they are faring. plains exploration is up 25%. mcmoran exploration up 82%. freeport-mcmoran is buying both of those together. this is $9 billion. this is about oil and gas producers and it will create a natural resources conglomerate. this is a huge, huge move. freeport-mcmoran is a name we always took to when we talk about commodities and things on the move and on a day where oil and gold are to the downside, gold in particular talking about freeport-mcmoran, copper and gold. you can see it is down 14%. that is not unusual to see an acquirer selling off as the two that are being acquired are gaining big-time. this is the action we're seeing in this mining and oil and exploration type deal and this is a big one. certai
appreciate it. >>> shares of freeport mcmoran the worst performer on the s&p. shares moving lower here. after the conference call hard-edged questions coming from one of its major shareholders. cio blackrock's natural resources team abby hambrook saying they should put this issue to shareholders an they feel like they have broken investors' trust by diversifying into energy with these $9 billion deals. back to you, sue. >>> we are just off the highs of the day, up 130 points. we'll continue to follow the markets for you. >>> plus, emergency landings and inspections by regulators. growing pains for boeing's new dreamliner. >>> plus, netflix's deal with disney. is it really a game changer? phil lebeau and julia boorstin all over those big stories. phil, you first. >> sue, right now as we speak a technical team from boeing is in new orleans looking at that dreamliner after the emergency landing. we'll have the latest in just a bit. >>> but first out to julia in los angeles. >> netflix says the company is taking a big step forward. we'll tell you how and how much it is worth after the break. he l
talk with matt cavanaugh of cmz trading. ok matt, so copper and gold miner freeport mcmoran now wants to get into the business of oil and gas production. what you think about this stock? > > i tell you what, the stock got absolutely crushed on the news of this deal. the market really didn't like it. it's a complete change of direction for them, a complete change of focus. they're going away from kind of a narrow look to, "hey, we are going to be a big diversified miner. we are going to get mineral assets, we are going to get oil and gas, we are really going to expand our focus here." the market didn't like it so much, so the question is, is this a buying opportunity, or is this a stock you want to stay away from? > why does wall street not like this deal? usually they are big on these companies that have multiple arms going at the same time. > > that is the question. you look at it on paper and you say, "hey, they are buying some really quality assets, they are buying them in good places, they are getting in on natural gas, really diversifying here." but there are some concerns. numbe
into th u.s. raising the outlook for natural gas demand. oh, no. >>> freeport-mcmoran is plunging head first into oil. the mining giant is buying plains exploration and mcmoran exploration for a total of $9 billion in cash and stock. freeport will also assume about $11 billion in debt. >>> u.s. oil production reached its highest level in almost 15 years in september. new data from the energy information administration says u.s. crude output averaged 6.5 million barrels a day. that is up 16% year-over-year. thank you shale and fracking. >>> all right, coming up, it is a great hay robbery. the fallout from this summer's drought takes some bizarre twists. i shouldn't laugh. this is very serious. analyst it black market for hay across the country. details coming up next. at the end of the day it is all about hay. ♪ . melissa: hold on to your hay. this summer's drought still burning farmers after causing big rise in prices. the average bale of hay is now $80. you have $50 since before the drought. up $50. it was 30. now its 80. can you believe that? because of that hay farmers in the midw
. freeport mcmoran and copper and gold will have exploration and two separate deals for 9 billion in cash and stock. i'm not quite sure what all of that means. just tell me the stock price, nicole. >> it means big moves for these two stocks here. freeport mcmoran is now down over 15%, but when you look at plains exploration and production, a big mover to the upside and that's up 23. stuart: i'm trying to get this. freeport mcmoran, they're the ones that are doing the buying and plains exploration are the people who are being bought. so the people who are being bought go up because they're paying a high price and the people who are paying the money out are going down. have i got that roughly right? >> that's right. and that's why you see mcmoran exploration as well and i'm trying to work this out and complicate itself. all i want to see if the stock price moves. >> it's a big one. >> by the way, the dow industrials just hit 13,000, a gain of 50 points as we speak. 13,002. to be precise. and coming up this wednesday morning, bob costas admits he made a mistake addressing gun control during
's fine. i just prefer the gld, particularly after what happened with freeport the other day when they became freeport oil and gas with a gold and copper division. pam in indiana, pam? >> caller: thank you, mr. cramer. what do you think of abt? abbott laboratories? >> that's one of the large positions for, you see the co-research director stephanie link on "fast money" today. and i've got to tell you, maybe my favorite position after starbucks. let's go to kenny in illinois. kenny? >> caller: jimmy. >> yo, yo. >> caller: my question is about this private bancorp. >> don't know it well enough. let's do some work and we will come back, always better to own that than to just say it looks good. let's go to -- i'm going to -- uh, frank in florida. frank? >> caller: hi, jim. an english boo-yah to you. tell me what you think of commerce bank shares. >> i've always liked commerce bank shares and it's in a pro-growth area. i've always surprised it wasn't taken over. it's a very well-run bank. i'm going to -- just so people know. this is kansas city, missouri, and betwe
in metals as we said. caterpillar off, freeport mcmoran off, and newmont mining down, the sentiment for so much undecided in washington. the selling in the mining shares is due to the weakness in gold, down 16.54, down to 9.40 an ounce, dollar rising against the euro, a flight to safety. silver moving lower and flirting with $30, right at $30 an ounce. platinum also lower. a lot of weakness in the metals contracts. getting to the floor show. we got traders in the new york stock exchange, cme group, and imex. beginning with bobby at the nsci. it's held hostage for so long now. what happens if there's a deal that doesn't address anything? is the market stuck in limbo for more weeks, maybe months down the road? >> well, i suspect you're right. if they come out with a cobbled deal that extends it out a little bit, i imagine there's some sort of a rally, maybe not a big rally, a couple hundred points, but back in the same place for a couple weeks. the weeks before the election, everybody talked about the fiscal cliff, and until they really put this deal together fully and for the long term, it'
these guys need before they start asking questions. >> i know we did want to point out shares of freeport, down again. another 4% decline for fcx this morning. that also taking down as you might expect, pxp and mmr. mmr is a cash deal. investors just weren't warm to it yesterday and won't warm up today. of course the other deal's all cash. but people still wondering about the strategic rational behind the scene. >> i don't even want to say behind the scenes. >> there are a lot of poor relationships here, jim bob moffett t chairman of both companies, mmr, owns a stake in pxp, board seats. it's related. >> and yet, ackerson, did we get hold of him? he's always been very pro shareholder. this is the most anti-shareholder. unless you're a very large shareholder. >> isn't he cynical? >> these guys are different, moffett and our man in chesapeake. >> thank you. they approach the world a little different. >> is it different from you? you're fitzgerald. >> i don't want to say cavalier, but they like to take risks, that's how they built their fortune in the first police, they all take risks. >> i
at shares of freeport mcmoran catching a bid after the deal. a complicated deal that david faber walked us through. people are seeing at least some value in decline and shares of -- i'm so used to saying decline with hp. >> freeport-mcmoran. >> very tight as we knew it would be. not requiring shareholder vote as we already had known detailing the $9.5 billion loan they are taking from jpmorgan. the key take away, you're not going to get a chance to say no here. this is happening. they are buying mmr. at least today the stock is up after what had been a terrible performance during the last two trading days. >> explain capitalism to me for a moment. you have a publicly traded company where one person owns a huge chunk who also happens to be the ceo of another company that is buying them. >> chairman. >> chairman. yes. here's what i'm concerned about. this company's stock plummeted because of davy jones. it's pretty clear that i think that there will be few companies that will be making an offer for mmr. >> perhaps not at that premium. 74% premium and also then you get part of a royalty trust
. you want to get out of these now. stock of the week, my opinion, i'm going with freeport-mcmoran. there you see the stock for the week. finally, here we are. the major averages, pretty much unchanged. notice that the outperforming the s&p 500. that's because some of the higher priced stocked did better. apple weighed down the s&p and nasdaq. guys, have a good weekend. >> no one wraps it up like you do, bob. have a great weekend as well. see you mondays. >>> house speaker john boehner says fiscal cliff talks remain stuck in neutral. >> the president insist on his position. insist on my way or the highway. >> well, going over that highway and the fiscal cliff would kill thousands of jobs, especially in the defense sector and the head of a defense contractor who will feel that pain joins us next along with former vermont governor howard dean who argues maybe going over the fiscal cliff will be the best thing for the nation. >>> later, we have the former chairman of the council of economic advisers under president bush. he's going to join us as well as laura tyson, the former
an independent freeport, like the city of hamburg in what is now germany. out in the midwest, they were more closely connected to new orleans then to new england. their farm produce went right down mississippi and out to the world through new orleans. they would have been happy to break away from those strange prudish puritanical prigs in massachusetts. what about texas? texas has always wanted to be its own country and it still does. they weren't going to stay in the confederacy. what about california, which in those days before the transcontinental railroad created in 1862, before the railroad, california to the united states. people walking alongside, people sailing for weeks and months around the southern tip of south america. california was eager to go its own way. secession in other words was a tiger that might bite in any direction. andrew johnson of tennessee, great unionist southerner, put it this way. if there is one division of the state, will there not be more than one? wouldn't north america soon be just as fragmented and war prone as europe lacks 33 petty governments, a little
companies. go into the earnings calls of caterpillar, joy global, cummins. check out the calls of freeport mcmoran, peabody, or vail. rio tinto. owning pieces of these stocks is like owning a piece of the great wall. china. you want to be in them when the great wall's crumbling. i have seen downgrades of stocks like yum because it's got a huge chinese business through kfc, and coach which has been expanding agrefsly in china. imagine kfc. similarly a steel company without paying attention to what the chinese are dumping on our markets slyke taking your financial life in your own hands. how are we finding out? companies as diverse as corning, ppg all march to the beat of the asian drummer these days. you're not going see it in the release. it's all in the pestering frt analysts. pretty simple. listen to the call and don't hang up until you've read the questioners. read the transcript. one piece of the earnings puzing which is incredible, this is the earnings season that you have to weather something that i've never talked about before. and we've got to do this before we're done for the nigh
ago, freeport mcmoran is buying two companies. the combined price about $20 billion. now owns about 31% of mcmoran exploration. take a look at that, up about 25% for plains exploration. >> mm-hmm. >>> and another company moving up its dividend, best buy will make the quarterly payout on december 31st rather than january 2nd. that's nice. couple of days before. 26 days and counting. why not? our next guest has spent a good deal of time in washington advising the senate finance committee on the fiscal cliff crisis. joining us is jeff solomon, ceo of cowen and company. are we 50/50? where are we? >> i think, let's talk about what we think probably does get done. i think a grand bargain is absolutely off the table. i don't see how that happens in such a short time. >> what about a bridge to a grand bargain? >> people recognize the severity of the situation. i think we still need to get through the election or the post election haze. i would say that -- to everybody, listen, we're no longer running for office here. this is about getting back down to brass tacks and figuring out how to solve
freeport which i think may be the next one that is actually approved by the u.s. government. >> yeah, because that -- that's some multiyear play, i would think. and i mean, i figure we could power the grid with natural gas, and then run so many things off the grid. i just -- it's very exciting. it seems like it's a game changer for the u.s. economy. if we don't mess it up. >> yeah, the shell revolution is a game danger, again, if we don't mess it up. it is already making a difference and one other side benefit is that our carbon emissions are back down to roughly 1992 levels because of the replacement of coal with natural gas. >> what about solar, wind, all the alternative stuff? it gets harder and harder to see that being really profitable near-term, if gas, you know, has a slow move higher, doesn't it? >> that's not my area of expertise but if gas is cheap, i really don't know why other than for political reasons you'd move forward with that type of investment. >> that's why the government does everything for political reasons, though, and that's the favorite thing about blowing so
Search Results 0 to 25 of about 26 (some duplicates have been removed)